Bank of England governor: Bitcoin has failed

Bank of England governor: Bitcoin has failed

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Bitcoin has failed as a currency and cannot be used to buy things or store value, because of its price volatility, said the governor of the Bank of England Mark Carney, quoted by Reuters.

“It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,” Carney told students at London’s Regent’s University during a Q&A session.

However, the underlying blockchain technology can be useful as a way to verify financial transactions in a decentralized way, Carney added.

This is much in line with an old official stance of Bank of England, in which it noted that the blockchain technology is attractive and can become useful at some point in time, but not right now.

Carney’s position sounds all too familiar – most senior bankers, regulators and financial specialists still doubt the usefulness of bitcoin and the other cryptocurrencies. Some even slam them as “Ponzi schemes” and liken them to the “tulip mania”.

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